UK Asking Prices Drop 1.8% in November

UK home sellers have slashed asking prices at the sharpest rate for this time of year in over a decade, as uncertainty over the upcoming Autumn Budget prompts buyers to hold off on purchases. Data from property website Rightmove shows average asking prices dropped 1.8 percent, or 6,589 pounds, in November to 364,833 pounds, marking the largest November decline since 2012 and leaving prices 0.5 percent below year-ago levels.

The reductions come amid a surge in available properties, the highest in a decade, which is intensifying competition among sellers. More than a third of homes on the market, or 34 percent, saw price cuts, with an average reduction of 7 percent, the highest such figures since February. Rightmove attributes the trend partly to seasonal slowdowns that have arrived earlier than usual, exacerbated by speculation surrounding Chancellor Rachel Reeves' budget on November 26. Potential reforms, including a new mansion tax on properties over 2 million pounds, changes to stamp duty thresholds, and alterations to capital gains tax exemptions for primary residences valued above 1.5 million pounds, have fueled hesitation, particularly at the higher end of the market.